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Narendra Modi, India’s prime minister, center, during a campaign rally in Agra, Uttar Pradesh, India, on Thursday, April 25, 2024. Modi doubled down on his attacks against the main opposition party by using language critics say sows division between the country’s Hindu majority and Muslim minority. Photographer: Prakash Singh/Bloomberg via Getty Images

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Stock gauges in India hit intraday record highs Monday, with the Nifty 50 index rising about 3% and the S&P BSE Sensex Total Return index last up about 2.6%.

Local exit polls over the weekend suggested Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance was set for a rare third consecutive term in power.

The BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of India’s parliament, according to local news channel NDTV’s exit poll summary. 

However, final results, expected on Tuesday, can diverge from exit poll projections.

With the incoming government expected to highly prioritize building up India’s infrastructure development, shares of Adani Group companies rose on the back of exit poll results as well.

Adani Ports surging by more than 10% and Adani Enterprises climbing 7%. Ambuja Cement, one of India’s leading cement companies, gained almost 6% as well.

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